Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.</p>

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Emerging Markets: Technical Strategy & Reccommendations

Value investor- India mid & small caps

Bhaskar Chakraborty

Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul><li>Crompton chooses to defend margins while competitors chase growth</li><li>Crompton claims it grew in line with end consumption; it claims competitors resorted to channel filling which is not brought out by V-Guard and Bajaj Electrical's reported numbers</li><li>Growth will slow down in 1HFY18 on GST transition owing to channel de-stocking</li><li>GST will lead to price increases by the organized sector, undermine the 'organized sector to gain market share' thesis</li><li>Valuations leave limited upside, GST transition impact on earnings could create better entry points</li></ul>

Crompton chooses to defend margins while competitors chase growthCrompton claims it grew in line with end consumption; it claims competitors resorted to channel filling which is not brought out by V-Guard and Bajaj Electrical's reported numbersGrowth will slow down in 1HFY18 on GST transition owing to channel de-stockingGST will lead to price increases by the organized sector, undermine the 'organized sector to gain market share' thesisValuations leave limited upside, GST transition impact on earnings could create better entry points

India Consumer Electrical: Key Takeaways from 4QFY17 Results

Thematic (Sector/Industry)

<ul><li>Durables- Mostly pent up demand fulfillment and channel filling, margins under pressure</li><li>Paints- Demand still weak, price hikes delayed but margins likely to sustain in FY18</li><li>Home improvement- Pent up demand helps but pricing and margins under pressure</li><li>Footwear- Intense competition leads to muted volume growth, no price hikes to pass on input cost increase</li></ul>

Durables- Mostly pent up demand fulfillment and channel filling, margins under pressurePaints- Demand still weak, price hikes delayed but margins likely to sustain in FY18Home improvement- Pent up demand helps but pricing and margins under pressureFootwear- Intense competition leads to muted volume growth, no price hikes to pass on input cost increase

India Consumer Discretionary: Key Takeaways from 4QFY17 Performance

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

<div class="content-highlight"><h2><strong>Market Overview</strong></h2></div><p>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.</p><ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<h2>Headlines</h2><ul>
<li>Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016</li>
<li>Increasing distribution, availability and new variants support the sales of chocolate confectionery in 2016</li>
<li>Chocolate with toys sees the fastest growth in 2016, with value sales increasing by 27%</li>
<li>Average unit price increases by 7% in 2016</li>
<li>Mondelez India Foods Ltd maintains the lead with a value share of 49% in 2016</li>
<li>Chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021…</li>
</ul>

Headlines
Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016
Increasing distribution, availability and new variants support the sales of chocolate confectionery in 2016
Chocolate with toys sees the fastest growth in 2016, with value sales increasing by 27%
Average unit price increases by 7% in 2016
Mondelez India Foods Ltd maintains the lead with a value share of 49% in 2016
Chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021…


Sector Capsule: Chocolate Confectionery in India

India

Bajaj Electricals Limited manufactures electric fans and general lighting items, such as lamps, special lamps, fluorescent tubes, and lighting fixtures.  The Company also manufactures consumer durables like small electrical appliances.

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Bajaj Electricals (BJE IN)

Emerging Markets: Technical Strategy & Reccommendations

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of...

Vermilion Research

India Consumer Electrical: Key Takeaways from 4QFY17 Results

Crompton chooses to defend margins while competitors chase growth Crompton claims it grew in line with end consumption; it claims competitors...

Bhaskar Chakraborty

India Consumer Discretionary: Key Takeaways from 4QFY17 Performance

Durables- Mostly pent up demand fulfillment and channel filling, margins under pressure Paints- Demand still weak, price hikes delayed but margins...

Bhaskar Chakraborty

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

Sector Capsule: Chocolate Confectionery in India

Headlines Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016 Increasing distribution, availability and new variants...

Euromonitor International Ltd.

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